The Real Deal Miami

Bradenton apartments sell for $55,195 per unit

Capstone Apartment Partners brokers $8.5 million sale to Axonic Capital

October 25, 2015 01:00PM

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The 154-unit Avalon Square Apartments in Bradenton.

The 154-unit Avalon Square Apartments in Bradenton.

Capstone Apartment Partners brokered the sale of a 40-year-old apartment complex in Bradenton for $8.5 million, or $55,195 per unit.

Axonic Capital, the buyer of the 154-unit Avalon Square Apartments, is an active investor in Class B and Class C apartment properties along Florida’s Gulf coast.

Charlotte, North Carolina-based Capstone represented and did not identify the seller of Avalon Square, which was built in 1975.

The apartment complex, which has a 97 percent occupancy rate, is centrally located in Bradenton at 3505 14 Street West, with easy access to downtown Bradenton and beach areas.

“Axonic plans to address outstanding deferred maintenance items and increase the number of amenities available to the tenant base,” Capstone broker Jad Richa said in a prepared statement. “The asset is well located near 14th Street West and Cortez Road, with close proximity to hundreds of retail and service providers.”

Richa was the lead broker in the Avalalon Square sale. Capstone’s Enon Winkler, Deuce Bies and Brian Hunsicker also represented the seller. – Mike Seemuth